This Crypto Has Seen Major Bullishness in 2020, but Its Downside Potential is Terrifying

Chainlink (LINK) has been one of the best performing cryptocurrencies throughout both 2019 and 2020, with its intense upwards momentum allowing the crypto to set fresh all-time highs over the past couple of weeks.

This intense upwards momentum has shown some tempered signs of slowing down, but it still remains somewhat unclear as to whether or not the strong resistance it faced within the upper-$4.00 is enough to halt its strong macro-momentum.

Analysts are noting, however, that the lack of support LINK has throughout the $3.00 region could spark a significant near-term retrace if bulls lose their strength, with one analyst noting that a drop below $4.00 could lead it to drop sharply.

Chainlink Firmly Leads the Crypto Market, but Resistance Grows

At the time of writing, Chainlink is trading up just under 4% at its current price of $4.24, which marks a slight climb from weekly lows of $3.89 that were set last Monday.

Currently, LINK is caught within a mid-term bout of sideways trading…